A huge £400million project in one of Australia’s biggest cities is reportedly on the brink of financial collapse as it approaches completion. Sydney Fish Market is also behind schedule, originally scheduled to open last year. The scheme aims to upgrade the market’s operational, distribution, retail, dining, and public spaces, and it is expected that the number of visitors will double to over 6million per year after it is finished.
Construction began in 2021, and the new market, located next to its existing site in Pyrmont, is forecast to open its doors in November. It has been reported that Sharvain Facades, the company behind the new building’s floating roof, has entered administration.
This came just weeks after it installed the last roof panel on the 200m-long canopy, Sky News reports. Sydney Fish Market itself is “on the brink of insolvency”, the Sydney Herald says, as auditors refuse to sign off on the company’s accounts three months after the deadline.
This is thought to be because officials are concerned the firm could not pay the higher cleaning, insurance and operational costs incurred by the new building.
It comes five years into the construction of a new market, which has already cost the Aussie government at least $836million.
In a statement, the company denied trading while insolvent, adding that it remains viable.
“We have no reason to believe this will change in the foreseeable future,” the firm said.
“It is taking longer than anticipated to finalise our financial results due to extenuating circumstances related to the once-in-a-generation transition to the new Sydney Fish Market.
“We are finalising the accounts with the appropriate level of due diligence, and these will be lodged this quarter.”
The market also said: “Presently, our priority remains on ensuring a seamless transition to the new, iconic Sydney Fish Market facility on Blackwattle Bay.”
The project’s 38 tenants are said to be worried it will not have enough power for them to refrigerate stock properly
Businesses have also warned that the building may need to resort to diesel generators over Christmas, which would disturb neighbours and breach environmental standards.
In addition, there is concern about the logistics of transporting stock between the building’s two levels, the MailOnline reports.
Sydney Fish Market says on its website: “The NSW Government is reimagining our iconic site and the surrounding Bays Precinct, to create a Sydney Fish Market for the future with world-class facilities; Sydney’s most significant harbourside building since the Opera House.
“The new Sydney Fish Market (set to open in 2025) will attract global attention, with visitation expected to double to over 6 million people annually.”